Key questions: 1. What are the similarities and differences between tangible and intangible assets 2. How do the types of tangible assets differe 3. What is the difference between amortization and depreciation 4. Describe how to determine the amount that should be recorded for an asset when purchased. I 5. When is the relative sales value method required? How is it applied v EE N Century Go... 10.5 ' ' Aav po v B I U vab x x AAA v Key Terms: 1. Basket purchase 2. Salvage value I 3. Depreciable cost 4. Estimated useful life 5. Contra asset 6. Book value (carrying value)